The Sun. — London, England, 1826-02-11 00:00:00

;040 PARLIAMENT, HOUSE OF LORDS, FEB. la Lord GIFFORD informed their Lordships that his Majesty had been graciously pleased to secure a pension of 2,9001. - a year for life to Henry Cowper, Esq. late Assistant Clerk of Parliament, and that he had given instruction to cause the same to be duly paid. Ilott.g.,.onb of the Clerks, then read a Patent, appoint. Courteriay, Assistant Clerk, and his successor. courtenay was , then introduced by one of the Clerks, and congratulated on his appointment by the Earls of Shaftesbury and Lauderdale. • The Earl:of. SHA FTES BURY presented a petition from the Lord Mayor, Aldomen, and Common Council of London, praying for the 'Abolition of Slivery. • The Earl of CARNA fION presented a petition from the Glove Manufacturvs and others of Ycovill, in Somersetshire, praying their Lordships not to allow the importation of forei g n lks and (.cloves. The Earl of LA LTD EltD. LE said, it was his intention, had the Noble Earl at the head of the Treasury been in his place', to have moved for some additiOnal rapers relative to the fin portant subject which 'was last night brought before their Lord. ships. wished particularly to have some information rehy. dye! to the issues of nank.notea in 1793, anti to the bankrupt.. (ilea at that period, oS well as 111.6 , 11 ms of the Bank of Eng. land Notes in circulation up to Nov. 1B:; but• as the Noble Lord was not in his place, he should postpone his motion. He wished also to know if the notice given by the Chancellor of the Exchequer and the First Lord of the Treasiiry, 'to the Stamp Office, not to Stamp any more one and two pound Bank notes, had been extended to the Stamp Office in Scotland. Lord BEXLEY:replied, in the absence of the Earl of Liver. pool, that no such orders had been sent to the Stamp Office either at Dublin or Edinburgh.—Adjourned till Mutiny. HOUSE OF - COMMONS. • [So great was the anxiety of the public to hear the COAX. crEz.ortof the EXCUECItTEIt'S Plan for the Regulation 'of .C.ountry 13anks, that the stairs. leading to the Gallery were yiuwoeu so early as two o'clock. •At three o'clock the. Galt l'ery was opened end instantly filled with' strangers.—The SPEAKER took the Mir at a quarter to four, the usual • Isßur..] MANCIIESTER.AND LIVERPOOL. General GASCOYNE brought in a Bill for making a Rail • • war or Tram-road from I,Werpool to - . 7 .l.laneitesier.Hlt was read a rat once. ABOLITION 'OF SLAVERY. Mr. Brxo pr es ented a Petition from , the inhabitants of Staines, praying the Abolition of Slavery.--Read 'and laid .on the table. alt. l'Asscor GnE. , :rEr.T.present , d a Petitiiin from the town .• and neighbourhood of Pertryn, in Corn 'ell, to tile riarni! effect. • --iteati and ordered to be printed. • Mr. Siteriff Cu ow Tiiv. presentod a Petition from - the Lord, Mayor ' Aldermen and Common Council, praying for the Abo lition of Slavery..,` Alderman WOOD said, that the Petitioners prayed for • the Apolition of Slavery in-the Colonies, and that they would 'very 'bear their share of any expellee necessary to indemnify mdiViduals Who n•tight sustain a loss.thaeby.—Or tiered to be printed. . • SILK TRADE: Alderman Wool: , presented a Petition from Certain Ar: &ere acrd Workmen, praying that the Ilouse would not ellow the, Importation ~ o ft Foreign Silks. especially . as they were then labouring under very • great distrestn—ltead and laid on, the tahltr. PigansE' Oesented a Petition from two individuals, Threwsters, of-the Town. of Devizes, prayind against the Iniportetion of Foreign Silks.—Read anq laid on the I..r.rnunt oar presented a Petition from the Glovers at the town of Yetivill, in 6eniersetshire, againet. the importa tion of Enteien gloveit.—lleceived and laid on the table. 'DESERTION FROM THE NEI-W.IIAV SERVICE. Sir 11. PARNELL presenttd 3 petition tfrom several Ship Ownerstof the. port of DOOM, complitinine of the desertion ft'orn the merchant service, and itoetying the Douse to revues eti6l deeertion.---Read and laid On the table. ee NCI:I4I,A N EOUS MOTIONS. ,Mr. PUP ; lIT moved, that the repast of the Commission 'appointed in 1793,up . 0n theubject of the commercial distresses •that period be t e' tiered. ' He bed also another ne , ] e, which perhitiss required no tiers ; but, if, the Ilonnurabl • ..cretery to tie Treasury diet not down ir iteceesary, he would moeceel. The lion. tlentletnan then mov,,ii far the amount of Exchequer Rills issued undo. that Commission (1793); also the number of persone who had applied tor ateistaace, and the amount °f losses, if any, sus )rdered. . • ?Jr. morett for various Accounts relative to atm aunt •of unredeemed funded debt of the United .King do ), frotn :ht year 3 )It4 to 111.tti biclueive.—Ordered. Mr. BitltlllTmoved for leave / to briog in a 11111 to facili'e tate arrangetnente between Debter and Creditor, by means of Truenes,. Ids wished the Billtorire printed, and hoped that it would reeeive the attention of the commercial part of the 'noose; • • Mr. SP It INO NICE moved for a 'Return of the names of every parish in Ireland, where eompositiona bad been effected meter tip et, eteting, whether tnede with the convent of The Clcigyman, (~r' the:Lay ItnproPtimer.--eOrdered: ' COAT MIT 0 1' SUPPLY. t . The C NUE LLOR ef the EX(.:i114412 , llt rose and said, that it weultf be more air ivetnent to the furtherance of the ge neralhojt tee the 11oost, irthey tl x io:woot into st• Committee of Supply • before wing to theprincipul question of the night. lie should then submit e a tnintOli to the Committee, that so mild) 8)10(111l be granted to hilt ,Majeatx, for paring oil' out standing Exchequer Rine. course would twee no ques tion open the.sul.,ject of Exchequer Dille, as the discussion of thatayeuld itfterueuds ventrally occur in the ,Connuittee of WaYs and illenns! lie was elite the llnuse woald titel with Mtn, that mikes curie filieh vote were come too early in the Session, there tnth) be at, proceeding with an 7 measures of pahlia dunce. Ile ehottid, therefore, take the liberty of 'mov ing, diet the Boum: resolve itself' into a Coinfitittee of Supply. Load '101.1(1:'' I' ON L •wietted first to alsk the Right Hon. Gentlemen whether Iris 130tiOn TOMO to the measure T ee • VA.I - ing the Banks. The CII A NO:1:1,0R of the EXCII EQIIE It—Certainly not.. .•, The motion fur going into a Committee was then put. Mr, ;IA P. I aeked (as we understivd) w!kt.lt: , r the motion of the Committee would have any thing to de with the sub. , jest of the Ihutks • .nio.Gii,,NiGELI4OII oE f the XCU EQUEll—Nothing on earth to ' do with it. Ti m N emec t hee wont Tuts~ ce mittee, and these resolutions for grunting eteee •ceut,T ••• • ;tweed, to. The I I oule bunted ? tt, d, awl the Committee ordered to sit. A et: el • e It, • t r-1' Th e cri i i N.CELIAiIt of ;he EXCIII:C/ligit moved the. Order of th.. , 11,tty for goitig into it. Covinfiitt , i3 of the A';o014.1 HOASA opoo the Hank Csiarter and Protni:etory Notes Act. Lord FOLKESTO:YE wislicd to ask whether upon that question,thv Itiot Ge:Wiermin meant to,propose his mea sure, orattxr the lieuse }iwt gor.:e into Committee. The (11 ANCLIA.OIt, of the EXCHEQUEII.—In the' Commitr,e. . . Lord .tt n then said that the it malt ;:ti (mut tonic!, upon the lionise. In the de bate which to th Ottee on the first day of the :)t. nitro, the flight • lion. ipcn notir.!r.. of 4 motion for this day upon the suhject Ow p fr ot watt Monday tltt 11i. , ht non, Or:nth:war 'cltor/boe it'own t t i ttie 11l SC, and in, r Under of di:. itint.2o‘grtitilt CV:, ,• thou it. .Now this was, iq hts:,oplM4 -, n, St very. ; s.:ode of ! procpedim ;IY t riti st t 1 Ayr0...0 the f f,, , , Ow) , war' gtslt i" , :onivice„ 1 lie for rs aw;,,.:. not re:pared to go ir,t, t , le t t, Chaumlior of the,Exciscqnsr would u‘ 1 the , tinestrop tOr girung n'to i tte ; ittlt Knot, he hoped the If irloc :I three attp they were. tukiog, beturc they Omitted tit,,ve wt.'.. grounds for A C 91111111.1 Cl.lANerl , tA 3 t of the /. 1 1“.:11E;(,),Tilit said, the Noble Lord accused hint of- leiving , stolen a march upon the Itouge—tto:accusettion-Which be did .not ft.,l tint he had justly incurred, hatldenp,nothing inconshocut With the uniform 7-'etire ebtice; es it itrnt stood, wins Thoirmet, owing to p . his words Ittiviiii; tem intsttotterstood ; and Inc sui,,, , qiunat., ton{: mew - o at:a for puttitig himself Tight. It wa4 ittrfct-tly that be the notice on a subsequent day, but he did not le , I" deiug go he was duing any thinr Speen s,,„rent ,iith uniforri pritcziae, of - the House, • might vao:4l , h,,,,, i ,p,,,,,r;g1ti!!t1i0s it:usable that the question have been ;oust in tt t 'onnuttee upOrt the Acts ; but he could 1161. , g,1.'4 the smallest Tetivolr to MM. joae that. “:17 eye.; pril , ;red try 417 thafly rr previous ohjeetiok t h ey st op t !;,:; conAdaction or any great. public measure, se t.at he wag i l bout to intrathtee to t h e - House. !alien by the Noble Lord, boVever, would havl: that t , tl'ect, it gcu oally adopted. If the Noble Lora thpuGht that 'is converwlit mode of &Mini; with such a question, he tots sorry its dlff,:r with him, but he held a VeTy demist opiolon ohon the Matter. 'lf such ptchtnioal objec tions were taleco, every gTitat meson: ,would be stopped in and before its Ineric4 could be 'ascertained. Ale (the Chancellor cif the Exeherpnet) thought that he hind chosen the most convenient mode, because he might be asked questions, and have to give explanations, after statement of the measure ; and if he were compelled to make it, in the House, and not in Committee, their forms would preclude him fronf the possibi lity of addressing himself mote than once to the question. He therefore hoped the House Would not adopt the objection ad vanced by the Noble Lord. • Mr. BARING said, that if the question were one for which • any other time would do as well, then the objection of the Noble Lord Might be wortlty of consideration. It must be re membered that they were going into one of the most important subjects that could occupy the attention of the Legislature, and certainly with the least poSsible information. It was therefore necessary that they should first hear the Hon; Gentleman's in tentions expounded, for at present he believed no one knew what they were. < • The Order of the Day having been read, • The CHANCELLOR of the EXCHEQUER moved that the Bank Charter and Promissory Notes Acts, be referred to the said Committee; UpOn thequestion that the Speaker do now leave the Chair, Lord FOLKESTONE explained, and said he would not persist in his opposition, against the feeling of the House. Mr. CALCPAFT said, that he, nor as he should think; would any - Membereousider himself pledged to any thing by the step now taken by the House. The SPEAKEu having left the Chair, the House went into Committee, Mr. BnoonEx presiding. • • • The CHANCtLLOR of the 'EXCHEQUER then rose and said, that if' he did not feel he was acting in the discharge of a great public trust—however unworthily and unfortunately imposed upon him—he , certainly should have some qualms arising at least from the importance, if not the difficulty of the subject he was about to introduce to the consideration of the Mouse. He was well aware of the objections that would be - made - as well to the principle as to the details of the measure which his duty required that he should lay before them. He was well aware—notvvithstamling the impression left on his mind by the debate which took place early in the Scs• ,sion,-he was well aware of the extent and ammeter te that hostility. which was to be arrayed against him.- He was well aware of the nature of the feelings by which indi. viduale would be-prompted to that hoetility.; and from certain expressions which heti fallen out, he Was aware that he must expect to meet no small misunderstanding as to The principle and the grounds upon which he should submit his proposition to the House. Ile ehnuld, however, .Proceed to' discharge his duty fairly and fearlesely ; and in doing so he slaiuld have to ask the House for their utmost patience, and their most indul gent ;went ian. He feared that he should rot be able to conr press hip observations into the limit beyond which it was desir able that any. statement should not extend. lie entreated, therefore, tl tat indulgence would be granted him-( Hear, hear!) -not because he deprecated any Observations that might afler. wards be offered by any individual, but because the import ance of the question was such, that in bringing it before the, House he felt the difficulty in - no , ordinary manner.- But before he proceeded to explain the views of his Ma - . jetty's Government, and the grounds upon which they conceived that the. distresses and alarms of the country. required these matters to be. treated. of, he should offer Some remark upon a course which had been taken--not there, but in other quarters, in reference to the conduct of Government. Ile meant the ,objection which had been raised agaitest the holding • out expectation's of .:lief. Itt was' said that it would haVe been more prudent if they had altogether abstained from stating to .Parliament what their , intentions were until.they were ready to bring their measures forward.--- Now be entreated the , llouse to consider the situation in which they ehoula have been placed--and, what was of ten thousand dimes more i t npartanee-tM 'situation in which the country would have been placed by such. a proceeding on their part.- they had taken that course, it was impossible that the sub ject could have 'been alluded to in the - Royal Speech. But if they had been silent upon such a.subject lie should be glad to know where would have been the silence in other quarters ?- (Ileat, hear !)-Wae - it possible, with such a state of public, feeling, with so ninny- inserests involved in distress and panic, that the Address would. have been moved half an hour before the Government was called on, in such a manner nit it could not reei,t, to state its measures for removing or alleviating the evil ? lie would say that they should have disgraced themselves , by such a silence, because it, must have be ei iMpossible that they . had not framed something in their own minds as to the measures best calculated to Meet the exigency of the ease.. The country would• have been ,justly incensed at such a delay, and die effect would have been that all classes would have heen kept in a state of feverish agi laden which mast have created greater distress and suffering than even that which had resulted from the present agitated i: state of the public mind ; it would have increased all the evils in a degree for which he should never desire to make himself responsible. Therefore, , whatever might have been done by Government, or whatever measures it would have been best for them to undertake-silence, in anycase, was inconsistent with the situation' Of the country, and this objection to their conduct was entirely without grounds. .And - now, in order that die House might be enabled to judge- tiretly, whether Any thing ought to be donee and secondly, whether what the Ministers pro posed was die fittest thinge-it was essential that they should satisfy their minds in the tirst instance, that they could discover the true cause of die evil...-(hear !)-Because if they did not, they should only be legislating in the, dark, and doing infinitely_. greater mischief than (;trod.--And here he would observe, that let the measures they had to propose be ever so right and good in principle, they did not desire to, lead the country to consider them as an-infallible remedy for the existing distresses: lie %visited riot to do . that, because he knew he should only be leading die countr' into a delusion. But be would also lay down this proposition as incontrovertible :--they could not flat. ter themselves, as . legislators l with the hope of ever devising 'a measure of perfect and infallible relict against the common fluctuations of trade, prices, and commercial confidence. The supposition was contrary to the frame of all !minim society but urticnlarly to a state of society like that which had ob tained in this country. All history told us, that wherever so. ciety had existed, such fluctuations had been almost of period!. cal occurrence. In all countries, and above all, in those Where refinement and civilization were most advanced, whatevermight be the nature of their currency, whether theoretically and prac tically metallic, or partly metallic and partly composed of pa per convertible into coin, from some cause or other these flue. tuatione 041 took place. ,• Supposing the cause to be a sums xion of ,aufaVourable seasons, as they had been sometimes known to prove-supposing the supply of the soil of other countries 'to be . - unavailable, tither • from an impediment raised by the laws, or from any other circumstances-sup posiag Oda to create a gradual tendency in egricultated produce to rise in 'value-and the case had happened over and over again-what would be the consequence ?- The new and improved interests thus derived by the class of ye sorts so benefitted, led them to an extended employment of capital in the further cultivation of die Soil, and that andoubta edly led to an increased produce. But the consequence was that the high profits derived from the superior quality of the best lands, offered a temptation to increase the cultion of the rtuil beyond what could be eventually profitable to the producer. -Tide for a time increased the means of the agricultural class, and they employed their increased means in ein increased con-. sumption, .which likewise extended the means of other branches of the community, anti an Increased general tendency tn specs - late was the consequence.. Then came the natural tendency to ovolespe,culation, and an alteration in the seasons brought down the prices their level. Alarm grew up, such confidence between man and marl . was lessened or deetroyed. Those who had spent or looked up their capital in die cultivation of the eon were unable to meet the demends upon them, anti their rain was the consea The money Wilkh had been advanced upon the lands was not available to the other classes who had so employed it, anti that, dectuation arose whielacreated the sort of distress we had new to suffer in a more extraordinary degree than was .often known: Tut if . this could happen in a country. where -the- circulation west wholly metallic, bow much more spa in one where' it was partly composed of paper ? -Because it was well known that the effeet of a paper currency would be to facilitate the rise ofprices ti the first instance, and then to precipitate their downfall whenever it occurred. But if . this evil-since in its result it was so on %recount of the distress which it produced amongst till on whom it operated---was thus produeed• in such courtesies, he thought it was greatly amis. laded, though not caused (be ulways wished. to make that die. dilation) in this country by the. nat ure of its paper circulation, 11e thought So, because where the paper circulation was not - confined to u ilrr,e denomination of notes, it appeared to .him -that the existence of the smaller species of circulation must ag gravate the eituation of the panto front whom they issued.-- They were told, indeed, that country bankers did not wish fir the continuance of this kind of circulation. One lima Member engaged, he believed, in that basilica*, stated, that the one . pound notes were a poeitive nuixanue, and that bankers wished to get rid Of them. 'Those flentlemen appeared, certainly Ito prestted with the diflicaltyeof getting rid of them, hut they said that every, establishment Were compelled to issue them, ia to keep up their circulation, as king as they were admitted into circulation at all. Now the effect -of - thiseeompetition . w: 4le ,o r tendency to increase the general circulation beyond the proper point, and then, by affecting the changes, to drive the gold out of the country, and prevent the putties themselves from being able to pay in gold that which by the very terms expressed upon their paper they were, bound to to pay. In another point of view this was en evil; beeiture it preeented the full operation of the measure of if which had net with, he thought, the' unanimous support of that Rouse, and a general concur rence of favourable-opinion throughout the country.—(Hear!) And that measure provided for the entire removal of this species of circulation.—(Hear, hear I)—This, then, was not a new pro position.—(Hear, hear!).—lt only went to the restoration of things as they were before. He declared to God' it was not now the political economists who were pulling down, but those op. posed to them were the innovators. Yet what he had to propose was represented as a measure that would spread general confu sion and distress, drive all confidence out of the country, and prevent every man from gaining accommodation in any of his commercial dealings. He apprehended that a me. tallic currency would rather increase than destroy such confidence, and afford more security for all the transac tions of business. And when all these dangers and alarms were held up against the change, let them look at the effects of the present system. Who were those amongst whom the email notes most generally circulated ? Thea were the poorer classes ; persons having nothing but their industry to subsist upon, and to provide them with support in times of sickness or disease. One of these persons may have acquired by careful and industrious, habits, three or four of these 11. notes. Why, to be deprived of this was heart-breaking—it , was his all, and nothing could save him from ruin and misery. —lf he had been possessed of sovereigns they would have been something for hint to cling to in the hour of need, and a vast quantity of human suffering would be prevented by such a change. .The Dania, too, would be strengthened in their se curity if relieved from the danger of supplying the circulation used by the poor man. But if they left him with these notes in his hands, let distrust or alarm be created by whatever cause it may—he being.the first to suffer—he it was wi) spread the panic to the holders of five and ten and twenty pound notes. When they saw the poor man running to save his money, they, naturally began to-say there must be something rotten in the Bank, and accerdiintly went and'drew out thenslarger sums; and thus the panic was spread to a class not otherwise so Liable to, feel it. and in whom it became a serious injury and loss to the , parties. Therefore, he thoeght that the taking away the power to issue small notes alstget6er would be a benefit to the, Bankers themselves, as tell as to the poorer classes of the , community. It was said that it was not for the sake of the profit derivable from this circulation that the Bankers wished to retain it. What then could be the injury ? If the business of any establishments could be injured by the measure, they must be such as were dangerous to the country. Un doubtedly, there were many Banking Esteblishmente • in the country, as secure as any establishments of man could be ; but there were others of a different description, and he protested against their interests being considered in oppoeition to the ge neraldeterests of the community.—And he would say, that the security of those Banks which were substantial, and able to meet every demand upon them, required protection against this danger of an over-circulation), alWays so injurious to their pro perty, And, to effiatt this, did ,he ask the . Parliament to adopt any new principle, or to recognise any 'new doctrine? He knew that seventy-fivr years ago there was no law to prevent the issue of one pound notes. But when the regulations for the Mint were settled in 174, they could no longer be issued. In 1775 however, a law was passed to anew them to come into circuit'. don under certain restrictions. In 1777, this was found to be inconvenient, and a temporary Act was passed to prevent their circulation, which was renewed from time to time,„ until the year 1787 When it was made permanent. But afterwards, when, in the year 1797, -the Bank' suspended its"-payments in cash, it then .became necessary to love one and two pound notes as means of carrying on thee eircula. don of the country : and the former law was therefore sus pended. But that measure was only considered to be tempo. nay, as was proved by the course subsequently by that liouse. When in 1819, Parliament end the whole country deemed it necessary that. Cash Payments should be restored even at the risk of much sacrifice, # Committee went fhlly into the subject, and as far as a question could he investigated, he believed that question received through investiinition. The Committee was composed of all parties, and lie believed that no difference of opinion existed amongst them upon this subject. Any he would ask any person to point out to him in any part of the voluminous evidence or documents laid before that CoMmittee the enunciation of any such doctrine as that the circulation of small notes was agreeable to the interests of the country, or ought to be perpetual. On the contrary, they took a directly opposite co.irse, and its cessation was provided for in two years after the resumption of cash payments,.-(Edgar, hear 1)--And, the Parliament of that day never contemplated the possibility that, after the period fixed by them, the circulation of small notes would be continued. lie repeated that he regretted, and always had regretted, the extension of the time by the Bill of 11122. But be had always understood that in all the , communirationm from Country Bankers to the Govern. anent, they had stated, in the most unqualified terms that they had no ol'ject.ion to the withdrawal of one pound tunes from circulation. It was proposed at the time to require a deposit, and that was strongly objected to ; but to the other measure they always expressed their readiness to accede. .1-16wever, it was decided that these notes were to continue in circulation until the year 11133. And what wag he proposing now ? The intredUction of kerne new measure, founded upon some new. principle? Not at all. Ile proposed that they should revert, at an earlier period than the year 1333, to the system of law provided by the House in 1819, and which, though they should leave it untouched, must come into opera. don in 1033. His lion. Friend, the '3lember for Cricklade, seemed to think that the greatest convulsions and disasters were to be brought upon the country by the measure he had to propose, and cried out with much alarm, " how arc we to get our rents paid?" But did not his lion. Friend see that this objection was perpetual in its nature, and went to 'destroy tlfe l aw a l toge th er Now, thera. who was the innovator here ? (Cheers.)—The lion. Member clearly . 'proposed that the circu lation of small notes should mu cease in 1833, according to the law, but Should be made perpetual. Ile should like to know how such a proposition, tangibly brought before them, wo u ld be received by the House. A new light seemed to have broken in upon his Honourable Friend of a Most extraordinary nature ;—from whence reflected 'he could not say ; but sure he was, that if the 'House acted upon it, both his Honourable Friend and - himself, as landed (lentle. men, would be among the first to find out its effecneL- Butlhere might be some who did not push their opposition so far, and yet thought that the difficulties of carrying the measure into effect would so cramp the circulation to lower the prices of manufacturing and agricultural produce, .cued lead to thesmo s t fatal consequences. - Now this appeared to him to be the most visionary of all the causes of alarm which he had heard ad. vanced. They had experience to guide them upon this, point. In 1810, when the Bank of England had to meet an the de mands upon them, and to pay their notes in gold, the only means to effect that object was the contraction of their issued, and the regulaton of the quantity of currency, so as to lower the price of gold, to bring it into the country, and then to keep it there. Since, the year 1619 there had been coined at the !Viet no less than 254311,000 sovereigns. Ile would explain to the Committee the periods at whit h the importation of the gold took place, by which it would be seen how great a prepor tson of it was introduced in the three years after the passing of the Act. In the year 1820 the number of sovereigns coined was' 49,000 ; in 18‘.!1 it was 9;520,000, and 11122, 5,356.000. So that it appeared that in three years the Bank brought down the exchanges, and imported a sufficient quantity of gold into the country to coin upwards-of 15,000,000 of sovereigns. He admitted that during -the contraction of the currency neat'. stay to effect that object, great distress had prevailed in the eutintry.—(H ear, hear, hear !)—He admitted that the years of 1019 and 1:120 were years of distress, and that distress to a considerable extent existed in the year 1821. But the re action was rapid, and in the year 1022 the state of the country was materially improved, while the Batik contracted the eircu lation 'still "further, as he would show to the House. In the year ending the 501 of January, 1820, the amount of eircultat non was 23,072,0001., and in 1321 it had been decreased to 21,757,0001., and in 1822 it did not exceed 18,000,0001. No w let him ask the Ilouse—after this substitution of gold for one ' pound notes did the state of the country go down ? Was every man looting at his neighbour and asking, " Is not that man ruined F" o well thing. The country went on gradeally improving,thc same s t e a p n d with tyhegeracytd to ore didth the not 0 u s teletyty circulation of onehe danger of' taking pound notes. But then it tnight be said thatthis was an . un.. dertaking of greater magnitude, and requiring greater means and exertions. Would the Committee allow hint to call their attention to the state of the gold currency at time present um ment ; because it was important to observe that they were not now proceeding upon tire same ground as in the year 1819,when there was nogold at all in the country. It was much easier to superinduce a system upon a basis already fixed, than to raise it altogether .as in that case. It must he remembered that. there was not less than 17,000,000/. of gold now in circulation, and thetthe quantity of gold brought into the Mint since,theyear 1819,bad been sufficient for the coinage of 25,230,000 sovereigns, There had been exported in the same period, gold sovereigns to the altiOunt of 7,230,001 - 1/. lie- was informed, however, that it was supposed at the Custom House (although there was no au thentic proof of the feet) that within :he last half year a great quantity of gold had returned to this country, aktd which he would estimate at a million. • Therefore the total loss would be but six t'andif they deducted that amount from the twenty-five, and alto 2,000,000 for what was carried out of the country in the pockets of individuals, and by thos e en gaged in certain practi c e s , w hi c h he had been strenuously. -en deavouring to put down, they would leave an amount of 17 minims, as the present geld circulation of the country. Th e object of the Bank was accomplished, and they were in a con dition to prevent gold from going out of the country. I t was now, in fact, profitabl e to import gold. Thus, then, they had a large basis, from which they could extend the metallic por don of the currency, and they would next have to look at the quantity of one and two.podnil notes in circulation, d ,an the quantity of gold that would be required to fill up the vacuum, whenever they should be withdrawn. The Committee were aware that there was some difficulty in ascertaining with accu racy the amount of country paper in circulation, yet that an rip proximate calculation might be followed by a referen4 to the stamps required from the Stamp Office. By this reference they obtained the following account, not of the generatamount of Bank Paper,. but only that of a small description, which had been stamped within the last six years : In 1829 - 1,603,090 In 1823 - - 1,969,000 • 1821 - 2,214,000 1824 2,600,000 1822 - - 1,1881000 1825 - 3,172,000 The fairest way then was to take the average upon three years, which would he about 2,300,0001, and three times thdt would be the amount of small notes current in the year 1825. But al. though there might have been that amount current in the early part of the year, that could, not be the case now because when late in the last Sessions a question arose,in that House respecting the refusal of a Bristol Bank to pay its notes in gold, the dis cussion which then took place produced a great increase of caution on the part of country bankers. He had no doubt, that after that a very large proportion of the gold in the coffers of the Dank found their way into the country. And why? Because those Banks that were secure wished to be prepared to meet a danger which they saw approaching, and gradually to withdraw a part of their circulation. As the year advanced, country bankers found that there had been ttio.great - an issue 'of paper, and that symptoms of declining confidence were growing up. Then, for their own security, they must have contracted • the quantity of their notes as soon as the runs commenced. Besides this, all the notes, stamped had not, under the circumstances, in all probability,, been issued.- He should therefore estimate the amount now in circulation;at about four millions. And the utmost extent of what lieltad to propose to the House was, that if, after. the lapse of three years, that vacuum should be filled up With gold. • What there was in such a measure to conjure_ up,the terrors which some Hon. Gentlemen anticipated from it, he could Hot see. __He knew not Why it was a matter that could ni4lse touched without creating a panic all through the country and heaping distress upon dia.. tress in every branch of its 'industry. The question was not whether they should now get Into a difficulty. They were in it—( H ear, hear!)—and now the question was how they were to get out of out of it; and how they were so to get out of it as to avoid getting into it again.—( ear.,- hear !)--It was not the rear of some little temporary pressure upon particular interests, that ought to make Parliament blink the question, and leave the country in its present state. ln the time of war it was very well . . for i linisters io take measures best calculated for the exigencies of the case, and to think little of priaciples; lint" if they-were not to resort to sound principle in times of peace like these, then he would say that sound principle was not • worth h farthing.-- (Cheers.)—He did net affect to consider the difficulties -at aLend. He was quite aware that a very considerable pressure must yet be felt ; but it was the duty of Parliamentlo meet it, sod to meet it in nuch . a temper and spirit as might afford an aspiring example: to the country. He was about to advert to circumstance by which the difficulties had been supposed to be increased. He alluded to transactions between Government and the Bank of England. It had been contended that the Bank had increased its issues for the purpose of' proinoting the Views of Government. Ile would sate the amount of Bank of England japer in circula tion in the years 1023 e 1824, and 1825.' In the year 1023 it amounted to 19,137,0001., in 1t124 to 20,01600/., being on in. 'crease upon the amount of the preceding year of a miiiion and a half; hot in 1835 the amount was again diminished to with in about half a million of that of •the•year 1823; the amount for the.year-11125, having been 19,721,060/. It thus appeared that the issues of the Bank had eencreased considerably in the year 1824, and he court admiethat-encrettee to have contributed 'materially to the general excess. At the seine time, it did not follOW, by any means, that the 'excEanges would have been tif= fected, if the increase of paper of the Bank of England had not beerfaccotnpanied or followedsbret least an equal, if not greater increase in the issues of theeountry banks. It is impossible to assume any fixed relation between the paper,in circulation of the Bank of England and, that of Cenntry Banks e for the one is often foUnd to increase when the'other diminishes, and vice versa. But he would assure them, for the sake of arguments that the redundancy of circulating medium .had been mainly caused by the Bank of England, and would then inquire how far the issues . of'the'Bank werete be:ascribed to its arrangement with Go't;crn- . . merit. The. pecuniary transactions between Government and the •Ittutk were confined to the arrangement for the. payment, of the Half-Pay and Pentilons, arid, tothipayment of those Holden of the 4 per Cent Aims. who diseented. from the offer of Goveim ment for the reduction of the DiSidend on than, description of stock. Ile requeSted,,heWcver, that the operation of these causes. of increased issues be net .magnified beyond intactirelestent. It' was evident, from Ate returns.now before the'llonee, that it' the Bank 'bed not advanced money on...mortgage, and. uPeti other unusual securities, the whole .increase issues, train the operation of its . contracts with Government, .would not have exceeded 400,000/. Let it not be .supposed that he had any wish to shift the blame from Government to the links, he had no such. intention. • Ili would not dwell on this view of the subject; and, if' he did not do so, it was not from Any desire to avoid his full share of respensibiliey for eny past transactions, 'but because he earnestly wished, the undivided , attention of the House to be applied to the aPpfication.of remedies. More suitable.opportunities • would occur to apportion the several des green of blame, if biome could fairly, he imputed in any quarter. The more, serious and pressing nusincss et present was: that of adopting .Cfllee ual safeguards agahmt.the recurrence.ve similar calamities.. Ile would' not now weary the. House with a de fence of the. conduct •of Goverement. It' it adopted the pro 'posed remedies; remedies which . he had' no doubt would be effectual, it might do with him as irpleased. If the Govern ment had committed errors, it was in tine power of the House to prevent the. commission of such errors' in :future. lit:- asked • the 'llonse to legislate for . the preventio6 of great and common evils, and likyuld not attempt to screen from blame either biniseif or any' Other.. party Who migh4 be thought to Reserve, it. lie had' the measure then into a more hulled 'defence of the ,principles of' en he .had at first ex pected would have been necessary; but lie had felt ttu lines., sky of doing . so to be' . in 'sonic Measure imposed upon him by the aeposition, which, as far as he could judge Pita n recent conversations in that House, - the'proposed measure was now likely to encounter, and whicit'he had -not been led to untici-. pate by the manner in which Its suggeiniens - hed b een rece i ve d on the first night of the Session. Having thus fully stated and defended the principle of the measure he would now enter upon the details by Welt it was to be•catried into effect. There were two modes of prOceeding which suggested themselves.. The lst..was, to declare tlsat after •a certaiq time no more notes below the value of .5/. should be permitted to circulate, leav ing every thing preparatory to the cessation to the arrangements of individuals; the tither wits to prevent immediately the tar- titer issue of stamps for notes of thit deserfption, thus ensuring their gradual disappearance, and fixing n certain time, after which those that remained were to be withdrawn. The first of those modes was. liable to thiserhjection, that at the end of ' three years ? or of whatevenother time might be fixed, it might by poasibilay he found, that the amount of --this. sort of cur rency had been still kept, up, undiMinished. The power, at least, of maintaining it at its full amount would be given.; and if this power should have been exercised, all the same dif ficulties would be found It-Sexist:ea at the pr,:sott moment; the same argnments for postponement would be urged, that were urged now, and the consequence might • pre'Vetly be, that the measure would' not be 'effected at all. second mode had' therefore, been adopted as die most grad,6l and easy in its operatio, and the miaa certain to be attemit.d with even tual success. 'The proposal therefore is to .prevent any fresh ' issac of these notem a 'so that its those now in existence wear out by degrees, the number in circulation May imperceptibly dimi nish, and to prohibit, after three years, the circulation of such notes altogether. These, he .thoughte were the only ;tali of detail necessary for hint to state. The enactment' neuid-be founded simply upon the resolution he intended, befarehe sat d o w n, in rltteC th a a a , ll b o l y li t i l l i l b e s e ll a i l i n i s t d e ' d ‘ P ' o,,iirnlistshicaisr,tybi t N: a s o r t i t e n i s l i ( i ' P l p a a i t Y l e l a i t o , b n l in o or t ; t t ) l .:b t s . o e r ( a e ; r ° t e t l r l i l e ' ' o l . `tint of Feb. 1828, should be permitted to 'circulate till tbe sth of April, 1029, and no longer." Before he eptefed non - the, oessidera don of' the other measures- which it would he his, duty fully to. -bring under,the consideration of the House, be would advert 'to the questions Which had been 'put to him the, 'other. night e .-. with respect to the extension-of the measure respecting 11. and 2/. notes to Scotland.. The situation both of - Scotland and Ire land, in regard to currency, was. materially differeut from that of England. In Scotland, Up. to the year 1765, there lie legal limitation to the issue of paper currency. In that year a law Was passed, making it illegal to circulate notes below the value of 20s. ; that law was soon .afterwards repealed„ and since that repeal it has been perfectly -free for individuals to circulate whatever notes they thought proper. Neither in Ireland did there exist any legal restrictions, although there did exist a practicarestrictien in the indisposition of the people of that country to accept in payment any thing but coir.'ln consequence of this holisposition throughout Ireland, and more particularly in the north, .whicinwas principal manufacturin g; and tout- mereial district, a very considerable quantity of gold had alway's remained in circulation. In the year Mil, some time after tire Bank Restriction Act, the Parliament of Ireland, pursuing a course directly opposite to that, pursued by this country, prohibited bylaw the circulation of small notes—end slie had consequently retaitted possession of coin -to et very large S c l a i r e ry has no ch o a t r b t e e r re p d ri l i nt i n j amount. The laW of the two countries 'was, however, assimis is-M a ted in 1801. There are other - CireinnstanceS, connected with Irelt td end Scotland, 'by which they life distingtiiebed j et; exclusive privilege.' She front England. In the first place, Scotland has a - bank charter:> they t a i y g r e t :t e tt: partners to the anima Ofthele sub. privilege than nde that b ' 6l l t ' the same exclusive privilege as is scribed capind. Ireland hes a national .- bank, • which' previous now possessed by The flank of England. That exclusive privie lege she then surrendered, leaving banking free throughout the country, with the exception only of that part of it within fifty miles of Dublin. Notwithstanding these important distinctions heconfessed he could not see upon what principle a perma nently different system could be maintained for the different portions of the empire. He did not contend that it would be sound policy to apply the same measure to all—exactly at the same moment. With respect to Scotland, the impolicy of doing so would be manifest. Her present circulation consisted exclu sively of paper—there was not as in England any basis of metal- • lic currency. It would not be merely -to supperadd a small quantity of the precious metals to a great quantity already ex. 'sting. The entire foundation of a metallic currency had yet - to be laid. It was not his intention, therefore; ht present to offer any resolution to the Committee respecting the currency of either Ireland or Scotland—He could • not, however, lose -iiight of the the principle which must be equally applicatile to every part of the Empire. 1.-Ie could' net imagine that it could be contemplated by any one, to leave either of the Sister King doms, permanently and on principle, on a different footing with respect to its currency, from that on which England was about to be placed.—(Hear, hear I)—He could not refrain from one '• observation in reply to the argument adduced by his Hon. Friend; the Member for Cricklade, that the - proposed Measure would have an unfavourable effect upon the interests of sari.. • . eniture. fie had called upon the Country Gentlemejs in that • -House to give it their decided opposition. .Now he, on the con trary, was of opinion that if - any class was more than another interested in the measure, the country gentlemen were that. class. He would ask with what feelings a gentleman of landed property could view the scenes which the present system had so often produced. - When they saw whole multitudes of people running into the market town nearest their estates, to obtain payment of the one or two-pound notes they possessed. When they saw panic, commencing with-the lower classes of society, • gradually ascend tb the higher, must they not lee visited with ialpatenestectinsitohnanfoichtahtelsnelcitlicristyoloidfittlyieiorfrbeanitiske?rsN.o c la ss was wans theiork value of the temporary accommodation their tenants might ,re ceive from the issue of these notes, compared with the pershel interest theY'unquestionably.had in the existence of a settled and secure .currency in their respective. neighbourhoods. 'lf they took the advice of his lion. Eriend, they would be rushing to their own ruin. He would now shortly call the attention of the Howie to the second eVart'of the plan of Glevbrninent—viz the- limitation of the exclusive privilege of the Bank of Eng land. Ile was quite astonished at the expression of alarm which he had heard-on this part of the plan. When in 1822 the Bank of Ireland surrendered, in a-similar manner, a fortion of her priiilegee, no alarm was then espreseed. The general ex pt o e impart was, s n , e t w h al l e t g h e re co e n o s f e c q o u l e i ( n u c t e y o t f o t i a l t e s b u a r n r e k n ii d n)rg e o r pesos ioO teli tt b l si d oims b ile e . ments of Ireland, and when last year lie had to moditleation of the system, he found his greatest difficulty to consist in restraining the zeal -of Gentlemen from outrun,- ning die intentions of Goaernnient. Ile was utterly at &loss therefore to conceive what inconvenience could be apprehended - from the extension of - the same system to this country.--. In Scothird it is generally admitted that the banking system upon the extended basis works well. The consciousness of se curity, in effect, produces security. Be knew it had been argued - • that the measure would be „useless, on the' round that t he existing banks did not in fact generall y consist of thenumber of partners now permitted by the law. Ile would only say, in reply to this argument, that for e'ertain purpese'e—for the purposes of hezardous adventure or inordinate speculation, six partnerseve n might be too many, whilst for the pursuit of aregular and ;steady ' and prudent system of business like tluit generally ascribed to ethe•Banke of Scotland, theyemight be too few. In Ireland, since the Act of 1022 the greater portion of the banking o n' earns had been carrie d on by such companies as were in con , temptation. Ile meant the greater tiaimt of that which was not in the hands.of the Natignal Bank. Thecompanies had acted he understood with uniform prudence, and had attained to a h i g h degree - of confidence. It was his intention to prorose a resolu tion neshe Committee to this effect, that it -was desirable tha t the exclusive privilege of the Bank of Englaiid should be Halite(' to the distance of sixey'-flire miles from the metropolis. The Bill, it was proposed, should or i g i nate -i n t h e o ther House 01- , Parliament. Ile had been asked, it' pc . proposed to fix any time before which the new estiiblishnicint should not be Po' mitred to issue notes. In consideration to the Country Banks, it was suggested that some - delay might be desirable. Ile daub the advantage of any considerable delay. lie' believed the greater portion of country banks to be of unquestionable solidity, and to possess the nntire confidence of their respective -districts. He did not see that delay could be of any importance to them. It is oufficiendy obvious that - some delay will occur , before new Companies can be prepared to enter into - comped ficiresnt dent. e tte w l a to s t a e l s v . then with them. He would not object to postpone to the fah of July, the period 'whest" the new C-oneraines shall be permitted I p p o c u r e fe l n c e t ja n i:l i thi,es l e t x e olef)ol e hiul l l i i ; sia rt tsri l tya d a nt i e. i m e enemen caul : 4 11M; ' a ' re T o li f is t i t i e b i e n t u and ponn id b l l e e h l a l l oVs ' e t , o- e a n i r i n b e r s d tl a y n !to ad g d u iti ar o ( n i dangers to .which it would be exposed, at all futiiie time , under the present system. If no remedies were provided' , flue' , tuations in the currency would perpetually succeed each other, and every fluctuation would be amore exceenive and petnicious than that which had preceded it. If Perliament did not Ow n mark its sense of the wild speculation that had been carrie d on, it would in effect lend them its sanction. • If •the santion o Parliament was refused to thoie measures of-Precnution , ha would not envy any man the weight of. responsibility would attach to him on entering of the office he now had the honour to fill. Be would have similar difficaltiato encountelre', he would have even greater diffient I its to encounter, than tvlin •now felt. But lie was confideet i that Pa:di/tine - tit would not reJee; the substantial remedies now o t irc e d t ( o ,ic h n s ti aloit t i( f i u n n. . ) , P i g o st a n r i o l li t u ita r m a tei n itel would chew the world that, in whatever difficulties the country might be placed, there would always be energy in the Legislature su ffi cient to meet the difficulties of the ard lcharge aele a istsl n :daa d l i n t oso u stt evils. peach time Country Bankers.--his the be the tion them. it ef ns a tyt a tal i eot i en t r s t or: tie : r e cce; a :r e ~e n e s e n o c f h it i t i tc e li b e ,e 7 e r v i e n o p t i d : solidity, would BA Lla lt t l t .N A ` e t I n i l n ea q s u u i inquired i h f e ti l i:: l7 n s •e c r ( e t ly no fl t es at ,u,l '4l° , l l : „ :c. Mr. CHANCELLOR of the EXCHEQUER reptiet, t h e affi i‘ ri ir nnti il v A e. inNo - commenced by observing of any resolution, - to sanction the witholding stam p. Country Country Bankers, - The Right Hon. Gentleinan h a d Tiried he thought, bended censure for submitting the subiect of commercia a g ; tress so early to the attention of Parliament. If censure w 4 91 all to be apprehended, it might,!arprehe n " at more reasonably I . .mr not having called P ar li a ment to}. an -earlier period for the expreee purpoee. ' - ' Mr. BARING, in contivatioa, said, if any thing • The CHANCEL Loll of' the Exc.: tiEQUER explained. tote tO foundeconeolatory in conuectien with this subjectoit was tl ia total absence of party feclinr, which had prevailed, and 10. 11 ,1 prevail in its discussion. • %% bitterer difference ofopincon hug" upon the absenc e be expressed, no suspicion of oil. The Right Hon. Gentlem p a a i r i ty nd fce gh li t 4 l ' in c ro h r t po be n e e n n t t c e rt : illll°. were disposed to go further in support of the theories of polities cal economy than he could consent to aticampany them 1 4 1 -might find others who confined themselves-- to amore prude* and mercantile views of the subject than he would adopt: , some might oppose him upon .aericultbral views,—others wit h reference to the right principles of banking ; but he wool: • venture to say, that he would bud no party attempting to itself of the 'present distress for the promotion of part,' I'll!: poses. lie remembered when time temper sl political panes '- that Boone was Of a les% thildliatory character; and lie tut _say, that if ever circumstances existed to give a cominer°' handle to such parties, they avere the circumstances of the Pt y " s zr. day. Tire question of the silk trade alone umight iesl l .l; mule the means of exciting great popular fcrinent and ilisulT ot, '" Oen. 1118 Majeetv'e Ministers, he was sore) , to say, ~ d id , T o l e pursue -a course likely to defeat such effort s ilany pnrtY (+Poe tion to make them. Whit, for instance, could be 1 15( 1 . • carculated to exasperate the' ;Celin e - 1 i of- men, suffering the, e tremity of' embarrassment anti distress than the- paper. communication iceLlteie(attsioongrbeya great whichsensation o i ?e h e lit ( ltl Y ,. t li e tli the illitledad o ii ea tat t ; Majeety's Government, mai the Hight flotunirable roan, had ()pencil their eorrespotidence with the bank. opinion therein expressed that the distress had passed . was.viewed as a proof' of time total ianorance of his .',llkies' t t io Ministers Upon t h e su bj ect . Tle prop owed measures he characterise as mere milli and water ; they would 11° vil and what they did waif! be rather to aggravate the t e than otherwise. Let the Right lioneuruble Gentleman to the Boys! Exchenge, and there see the dismay and ter '' r° depicted on every countennnce, let him • hear the laug'3l,, of the most 'experienced and opulent merchants. lie Bari:Tilde great respect for time Bight Honourable hr e ' ne . • man, end would be sorry to s e e a ny other Man in time tion he filled-; but, on thi e occam i o n, he had manifested 1115itcyb ignorance. Ile appeared to knim nothing of time inter were cur Ow distress wh ic h p reva il e d . Hi s v i ews o f the sult * Jee , t er shallow indeed —they were not even skin deep. To l'" v e -a „, - j rly the permanent gate of the currency was one thing—t-1'41.:-- remedies to the im me di ate end preseing evil was lin et- , -- at .itO, They were ` riot only different, hnr, in some respects; nitlbt,4l objects. The teicaeuree intended to promote the former ° Joe might, and he believed wetild, militate against the Mite: den. knew that there WWI a clase of perfect theorists wfi late rived their knowledge from books, who did , not care w i l a t t - lle „ rests they rode over in their pursuit of a favourite PToJ deer also was in favour of sbund principle-; but even the 5u...-01 tot principled mutt not be reduced to practice without reg. t eat existing ciretemetencee. He could not attempt to Pur s ,l inlet se tt - tide/it principle, without being delayed by the Freed •